All the waves are marked on charts along with fibonacci. Waves are based on fibonacci retracement + trendline connecting 0 to 2 and 2 to 4. 1st wave extension of 1.618 where 3rd wave ended and horizontal correction started for wave 4. It was within boundary of 23.6- 38.2% retracement from bottom of wave 2 to top of wave 3. Wave 5 projections are based on wave 3. It is yet to be confirmed whether we are in wave iii of V and running into correction of iv of V or V has already ended at 18606. It should have ended at 2.618 as wave 3rd wave was a normal wave. All depends on breakout below the neckline of head and shoulder or break above the upper boundary of triangle. If it breaks abv 18210 then Nifty might be in iv of V. In that case 2.618 becomes the target. Head and shoulder breakout is on close below 17690 for 16720-16500. Support is near 17100-17200 zone.
Disc : It's not an investment advise to buy or sell.
Disc : It's not an investment advise to buy or sell.